This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Pero fue la banca la que trajo el alcohol

But it was the banks that brought the alcohol

Albert Esteves, editor of Interempresas01/06/2009

June 1, 2009

We did something wrong. Stunned by the intensity of the fall, by Vertigo produced us the apparent distance of the ground, frightened in the dark of a well whose brocal barely is sensed, without rope to grab us, freeze us, still, perplexity. We did something wrong, sure. But not eavesdropping or the slightest Conatus of self-criticism, there is no who feel responsible, no one is going to ask for forgiveness.

And perhaps we are all responsible. By action or omission. We have allowed that the false belief that the party would never end resettled in society, in our system of values. Many began to live beyond their means. They bought homes that could not afford, at prices artificially high, by surprisingly large mortgages, cyclical low variable rates, which should never be granted. The companies came to borrow beyond imprudence, alienated by the illusion that sales and profits do not pararían to grow and that the key was to generate "shareholder value". And Governments failed to tackle the necessary structural reforms and even forgot his mandatory regulatory role, blinded by the superb macroeconomic figures and ignoring, as always, the long term. All went to the feast and we benefit directly or indirectly from the binge. All: consumer, immigrants, self-employed, property developers, large and small companies, investors on the stock exchange, Governments and municipalities. Everyone we came good collective drunkenness. But it was the banks which brought the alcohol.

It was the banks which granted loans and mortgages, almost without looking at who or how, in a fierce competition and a system of incentives that encouraged their employees to sign more and more operations without the minimum requirements of prudenceonly in response to the demands of the short term. Banking was that 'packed' assets, created products with a high degree of 'toxicity' and spread them to the financial system. The Bank was which took advantage of its deposit of trust or their managers to "place" financial products of very high risk, minimize the perception of it and encouraging irresponsible ambition of the impositor. And he was banking, finally, that implosionó generating the systemic disaster.

This same banks now, acuciada by the lack of liquidity for the end of feast, has had to be helped by the State of all money. This same bank that today denies them bread and salt to those who previously offered them gold and moro. This same bank that is drowning so many small and medium-sized enterprises by restricting them credit or giving interests that border the usury. That same bank that today described as unworkable, leading to the closure, hundreds of companies that until recently deserved them full confidence. This same Bank following presenting spectacular figures for profits and delivering attractive dividends. The same, Yes. With his same advisers who are still entering average more than two million euros a year, incentives, not counting their Presidents or CEOs who are embolsan more than twenty. That same. That they do not dare to get neither governments nor media because, who more who all eat less, in his hands.

As others, replenished, just, of ethyl coma, begin to envision how hard it will be the hangover. We did something wrong, sure, but no one is going to ask for forgiveness. The party is over and we will pay a hard price for the damage. Then we will pay for a long time and will pay it all. Those who brought less alcohol.